U.S. Patent Publication No. 2012/0075113 to Loi et al. discloses a method and apparatus for automatic downhole asset monitoring. In the Loi et al. publication, downhole assets of interest are tagged with surface acoustic wave (SAW) or radio frequency identification (RFID) transponders. A rig reader comprising antennas and interrogators provides the ability to read tagged information from the tagged assets. The rig reader is positioned below a rig floor or rotary table, and the tags are read as the assets pass through the rig reader. A controller controls the rig reader to turn on or turn off in order to start or stop a reading process. The reader may include a motion detection device for sensing drill string motion in order to restrict reading of tags to when the drill string is moving. The controller is connected to a computer and may send collected and processed data received from the rig reader to the computer.